Since the last two decades, regulatory authorities seem to have become a lot stringent on enforcing compliance. In fact, it’s not unusual to hear about incidents where companies are required to pay hefty charges on issues that were not even in the rule book a few years earlier. Under these changing circumstances, a lot of organizations are eagerly looking to invest in compliance management software.
While price and features are important when evaluating compliance management software, here are three other important selection criteria that management should never overlook:
Before investing in a solution, make sure that the vendor has a strong business profile and a good balance sheet. It doesn’t make sense to partner with a fledgling company that is unable to consistently update its software to match the stiff regulatory environment. In fact, a lot of features doesn’t always mean that the software is suited to your business; therefore, make sure that the software is able to handle the most needed tasks.
Look for signs of recent innovations and updates. A well-established company always focuses on improving the outlook and features of the software to match industry competitors. An outdated website and lack of marketing intent are signs of stagnation.
Pick up the phone and call the customer care department to gauge their knowledge about your industry. In addition, you can also look for testimonials and online reviews to get a fair idea of what to expect in the future. However, make sure not to get overwhelmed by the negative reviews because online reviews are only part of the larger framework.
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